This patent relates to a three-axis positioning system comprising a high precision z-theta stage and an x-stage mounted thereon. The three-axis positioning system has a horizontal translation axis (z-axis), a rotary axis (theta-axis) parallel with the horizontal translation axis, and a second horizontal translation axis (x-axis). The three-axis positioning system is especially designed for the laser machining of cylindrical and other types of components. It can also be used for the precision manufacture, say laser welding, cutting, and drilling of parts, such as cases for implantable pacemakers, stents, or many other types of discrete parts. The stents are manufactured from a tubular feedstock, such as stainless steel, nitinol, or plastic, and are provided with intricate circumferential patterns. Processes for machining the patterns out of the feedstock include laser machining in which a z-theta stage controlled by a CNC controller presents the feedstock to a laser beam for cutting away portions of the tubular feedstock. See U.S. Pat. No. 6,511,504 entitled “Expandable Stents and Method for Making Same” for a description of one stent manufacturing process.